“What he said about US monetary policy and gold – this bit on the record – would appear to validate the long-held belief of gold bugs that China has fundamentally lost confidence in the US dollar and is going to shift to a partial gold standard through reserve accumulation.”
“but is also concealing its purchases by not moving the gold into official reserves, but the holding of it by some other government entity so it stays off the official books. When China relatively recently announced its big jump in gold reserves it was apparent the purchases had actually taken place over about five years and were only moved into the official reserves this year, and thus only then reported to the IMF. Thus it is likely that purchases are continuing in the same manner – off the open books”
